The #Binance Foundation recently completed its 27th quarterly $BNB token burn on the BNB Chain, a strategic move aimed at reducing the total supply of BNB tokens.
BNB's price witnessed a notable surge, rallying from a monthly low of $508 to surpass $635, marking an impressive gain of over 20%.
Binance has formed Seven consecutive days of green candles, with an impressive 15% increase in value over that period.
Daily chart shows signs of a possible double-bottom reversal, hinting at a forthcoming recovery.
$BNB is presently consolidating within a symmetrical triangle pattern on the weekly chart.
A detailed analysis of the daily price chart for BNB reveals a robust bullish reversal, indicating the potential for a breakout above $700 if the current uptrend persists.
If the $635 resistance level breached, Binance token could set its sights on retesting its previous all-time high (ATH) of $691.80.
As per CoinGabbar Prediction, Conversely, a reversal in the prevailing trend might lead to a retracement in BNB's price, potentially dropping to $570 as it tests its support level.
KEY LEVELS :
RESISTANCE LEVEL : $635-$700
SUPPORT LEVEL : $580-$530
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